In recent weeks, enough observers claim to have seen the spectral outline of another downturn on the horizon. And with bad news still emanating from the United States and Europe, and even a dip in growth on the mainland, many organisations are planning cautiously for hiring for the rest of the year and into early 2012.
But for Morgan McKinley - a global professional recruitment consultancy - the business of finding square pegs for square holes and round pegs for round holes continues largely unchanged, especially in the banking and finance sector, which constitutes about 60 per cent of its business in Hong Kong, and 60 per cent across Asia Pacific. One enduring challenge throughout the business cycle is succession planning for banking executives. The business of how professional recruitment agencies help banks move from one generation to the next is one of paramount importance to Hong Kong as a financial centre.
'There are three ways to do this. Firstly, we can conduct a confidential search to replace an existing individual. This would generally be a replacement for someone underperforming,' says Nick Lambe, managing director of Morgan McKinley Hong Kong. 'Alternatively, they may not have the required skill-set or their vision might not concur with the company.
'Secondly, we can hire an individual into a role to prepare [him] for taking on a more senior position - often this is ahead of the post being fully formed or vacated, and can be done up to a year or more in advance, if the job is very senior,' Lambe adds.
'This successful candidate may move into a supporting role to prove [himself] before moving up and taking the reins,' he adds. 'This might be in the same area of the business or be slightly different, for example, moving into another senior strategic role before taking on a position as CEO.
'Thirdly, organisations can 'groom' people from within their own businesses, through identifying, developing and retaining talent. Talent management teams within human resources departments of financial institutions play a considerable part in this,' Lambe adds.